General Electric and Accenture are working to develop data-gathering sensors that can help predict when an airplane needs maintenance, provide assistance to hospitals, monitor deep-sea drilling equipment and otherwise increase industrial productivity, Bloomberg reported Thursday.

The partnership is one of nine programs GE is preparing that will focus on data gathering and analysis for industrial equipment, according to the report.

Tim Catts reports that GE is investing $1 billion in an “industrial internet” that will support the projects and work to generate more services contract revenue.

One goal is to help reduce waste from subsea drilling, manufacturing and other industries by $150 billion over 15 years.

Other applications include software to optimize departmental work flow, an algorithm that analyzes airline operation data to reduce fuel consumption and technology that helps manage power-generation equipment in response to electricity demand.

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